October 13, 2022 9:00 AM
Newmark announces it has arranged the sale of The Quinn Apartment Homes, a 237-unit garden-style multifamily community located in Las Vegas, Nevada.
Newmark Managing Director Angela Bates, Executive Managing Directors Curt Allsop and Doug Schuster and Director Vittal Ram represented the seller, Haven Realty Capital. The buyer was a Los Angeles-based real estate firm. The property sold for an undisclosed price.
Built in 1991, the two-story community is located at 5500 S. Mountain Vista Street and situated on 10.29 acres. The property offers four floor plans ranging from a 740-square-foot one-bedroom, one-bathroom unit to a spacious 1,056-square-foot two-bedroom, two-bathroom unit.
“This asset presented investors with a substantial value-add opportunity that caught the attention of both private and institutional buyers,” said Bates. “This is a safe, income-producing property with huge potential upside for return on investment through the implementation of reasonable renovations.”
The rental market in Las Vegas remains strong with an average occupancy of 96% and a continued demand from the influx of new residents to Clark County. Las Vegas has one of the highest rents by necessity as well as renter by choice groups in the nation with 46.6% of the population renting apartments or homes. The under-construction pipeline remains strong in order to keep up with Las Vegas’ population growth and rental demand. Local developers in particular such as Ovation, Nevada West and Calida continue to build to fulfill this supply gap.
The Quinn Apartment Homes is centrally located in a submarket bordering Henderson and is proximate to a variety of dining, shopping and entertainment amenities. Previous ownership had completely renovated the clubhouse and common areas as well as interior unit improvements. This property benefits from new, nearby multifamily developments as well as employment opportunities.
Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 billion in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Completes Sale of Quinn Apartment Homes in Las Vegas
October 13, 2022 9:00 AM